Bonus Act

Hemant Joshi (Querist) 30 May 2009 This query is : Resolved
As per the amendment in 2007 in the Bonus Act, the limit of salary-wages for eligibilty is incresded to Rs.10,000/-p.m.(from Rs.3,500/-p.m.) and the basis for calculating Bonus is the salary cap of Rs.3,500/-p.m.(from Rs.2,500/-p.m.)
Pl.clarify (1)The employee drawing upto Rs.10,000/-p.m.is eligible for bonus, but(2) his salary for calculating bonus is to be caped at Rs.3,500/-p.m.,means if he is getting Rs.9,000/-p.m.,but for bonus his salary would be considered as Rs.3,500/-p.m.and accordingly his bonus at 8.33% would be Rs.3,500/- for the year.

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suren (Expert) 30 May 2009
Yes, you are right

the persons getting basic salary above Rs 3500/- per month (Rs 42,000/= pa) will be getting minimum bonus @ 8.33% ie Rs3498.60 and maximum @ 20% ie Rs 8400/=

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